
Kidnap and Ransom Insurance – The Liam Neeson of Insurance Policies
If everyone had Liam Neeson’s special set of skills from the Taken series, there would be no need for kidnap and ransom (K&R) insurance. Unfortunately, K&R scenarios are a real-world possibility for many high-profile executives and individuals traveling abroad.
Our Agency Partners offer K&R policies to individuals and companies in order to cover the costs related to abduction and detainment in high risk areas of the world.
What is Covered
K&R policies cannot prevent an abduction or pay ransom directly, instead they are indemnity clauses which reimburse you for costs related to kidnapping. Common reimbursement claims include:
• Ransom monies paid or lost as a result of kidnapping.
• Money lost due to destruction, theft, or confiscation in delivery or transit.
• Accidental death and injury sustained during a kidnapping as well as medical and psychiatric care.
• Liability judgments brought against the victim.
• Severe disruption of business operations and damage to company brand.
• Salary replacement, relocation, and job retraining.
Many policies include provisions for crisis management consultants who advise on incident response or prevention and reaction training for insured individuals.
Who Needs K&R Insurance Coverage
The most commonly targeted individuals include high-net worth and high-profile executives, celebrities, strategic decision makers, and people with ties to them including family members and employees.
Missionaries, volunteers, and reporters working in volatile areas may also be targets as a result of political and public reactions surrounding their capture.
Susceptible Locations for Kidnapping Occurrences
Policies are generally written to cover specific trips. Fees and coverage are based on individual factors including the insured’s country of residence, region and length of travel, revenue, and industry.
Mexico, Venezuela, Haiti, Nigeria, certain countries in Latin America, parts of the Russian Federation, Eastern Europe, and Central Asia, particularly Afghanistan and Iraq, are commonly named K&R policies.
The U.S. Department of State maintains a list of travel advisories worldwide which specifically highlights dangerous regions.
Advice from Trusted Partners
Risk advisors at Acrisure’s Agency Partners have access to extensive offerings and solutions regarding K&R insurance. If you think you, your family, or your organization may be a target, contact us for a risk evaluation.
Related Content
May 10, 2022
SEC Says You May Need to Disclose Climate Risk. Are You Covered? | Acrisure Viewpoints
As the SEC considers a proposal to make companies disclose areas of climate impact, Acrisure advisors help companies prepare to meet risks.
May 4, 2022
Acrisure Achieves Top Industry Honors
Acrisure makes list of Insurance Business America's "Fast Brokerages 2022" in addition to winning two Stevie® Awards.
May 3, 2022
Limitless Possibilities Podcast, Episode 3: “Culture Eats Strategy for Breakfast” with Grahame Millwater
Episode 3 of Acrisure's podcast called Limitless Possibilities is live with special guest Grahame Millwater.
April 28, 2022
Acrisure Unveils Cyber Risk Assessment Backed by Coalition
Acrisure announced Cyber Risk Assessment in a partnership with Coalition, a leading global provider of cyber insurance and security.
April 22, 2022
How We’re Investing in a Greener Future
Acrisure partners with Friends of Grand Rapids Parks 2022 Mayor's Greening Initiative and Arts Marketplace to invest in a greener future.
April 20, 2022
Job seekers want top benefits. How do yours measure up? | Acrisure Viewpoints
Acrisure shares items that impact the cost of your auto insurance in addition to options to help you save.
April 20, 2022
Acrisure Re In The News: Insurance Insider Interview with Simon Hedley
Simon Hedley, CEO of Acrisure Re, speaks with Insurance Insider about the growth of Acrisure Re and London Wholesale.
April 14, 2022
Want to pay less for auto insurance? Here’s what the experts say | Acrisure Viewpoints
Acrisure shares items that impact the cost of your auto insurance in addition to options to help you save.
April 11, 2022
Acrisure’s Greg Williams is Keynote Speaker for CFC Summit 2022
Greg Williams has been selected as a keynote speaker for the CFC Summit 2022 event in Chicago in May to discuss innovation and technology.
April 5, 2022
Time for a Career Change? Here’s What To Look For | Acrisure Viewpoints
Today's labor market can be overwhelming, but Acrisure employees and Partners offer things to consider when looking for a new role.